Posted on 10/27/2008 7:54:44 AM PDT by thackney
Yet another profile of wind crusader T. Boone Pickens aired Sunday night — this time on 60 Minutes — and it had the usual details about the 80-year-old former oil baron’s plan to get the U.S. off its addiction to foreign oil. But 60 Minutes did score an interesting tidbit about how much Pickens and his investment firm BP Capital have lost since oil and natural gas prices started dropping in July: $2 billion!
The steep drop in oil and gas prices since July has cut the value of Pickens’ hedge fund in half. . . Overall, Pickens and BP Capital are down a staggering $2 billion. . . Boone acknowledges that is serious money. Asked if he’ll get it back again, he says, “Yeah, I’ll get it back.”
...
But Pickens also told the Journal that he thought oil would finish the year around $120 or $125, barring a major global economic downturn.
(Excerpt) Read more at nytimes.com ...
Why do I not feel sorry for him?
Is he in line for a bailout? Sorry, had to ask in todays climate.
If you replace his silly wind turbine BS with nuclear then his plan makes a lot of economic and geo-political sense.
Good... now he can just go away....
I like Pickens.
That having been said, a couple of months ago he predicted that oil would never get below $110 a barrel again. Oops!
He runs a Hedge Fund, that’s what the bailout was all about folks, make no mistake about it... rescuing Hedge Funds that governments had put retirement pensions in...nothing more nothing less. Has nothing to do with Main Street.
uh oh...wonder if he’s going to ask OK St. for his 165 million back.
Besides, T Boner Picker said the first billion is the toughest to make and the rest is easy pickens, pun intended. He’ll get it back with his natural gas and wind mills.
Nah—he’ll count it as doing his part for the big O’s “redistribution of wealth” policies.
Ever.
That blows!
Somehow I suspect he’ll be just fine.
There are not enough crocodiles to shed the tear I fell....
Under his plan, are we all expected to have our cars retrofitted for NatGas, or to buy new NatGas cars?
T. Boone Pickens, the billionaire oil tycoon who gave $165-million to Oklahoma State University’s athletics department in 2005, said on Saturday that he would announce “another major gift” to the department on Monday. He did not reveal the value of the gift, but according to the Tulsa World, a source familiar with the situation said it would be $63-million.
http://chronicle.com/news/article/5395/t-boone-pickens-pledges-another-major-gift-to-oklahoma-state-athletics
October 26, 2008
To be fair... there were good reasons for doing so.
All the nationalized oil producing nations have been in a rapid double-digit free-fall year-over-year — Mexico, Norway, Venezuela, etc. They just skimmed the profits, took the rising oil prices for granted, and now their wells are tapping out fast, and they haven’t started any additional new ones (which will take 5+ years).
Supply is still a problem, but no one anticipated this crisis imploding demand around the world so fast.
T. Boone... your loss I (our) gain.
If McCain dumps the ethanol subsidies and cuts down the wind turbine tax credits, he’ll be down a whole lot more.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.